* Osram says sees only modest revenue growth in H1
* Says considering split of Lamps & Components business
* Says traditional lamp sales continuing decline
* Shares down 3.6 percent, at bottom of MDAX index
(Adds detail on Lamps & Components business, outlook, share
FRANKFURT, April 1 German lighting maker Osram
Licht AG said its 2014 growth target had become more
challenging and it would revamp its biggest business in an
attempt to keep up with a rapid shift to new technologies.
In an investor presentation published on Tuesday, Osram said
it would split its Lamps & Components business, which accounts
for about half of its sales, into one focused on traditional
lamps and another concentrating on light-emitting diodes (LEDs).
Its shares fell 3.6 percent to 45.38 euros by 0739 GMT,
making it the biggest decliner on Germany's mid-cap MDAX index
Osram, the world's No.2 lighting maker after Philips
, is already deep in a restructuring that includes
thousands of job cuts as it scrambles to adjust to the shift
from traditional light bulbs to newer technologies like LEDs.
Demand for traditional lamps has been shrinking, pushing
down revenues at Osram's Lamps & Components business by 7.4
percent in its fiscal first quarter to the end of December.
Osram said on Tuesday that the first two months of its second
quarter had indicated a continued decline.
Osram still sees group revenue growth in its current
financial year exceeding global economic growth, estimated at
about 3 percent for 2014, but said in the presentation that the
increase would be only modest in the first half of its year.
(Reporting by Maria Sheahan; editing by Jonathan Gould and Tom